In this week's Investor Success Podcast, with special guest, Larry Goins, we talk about investing in mobile homes on land. Larry shares a specific strategy that nets him about $20k per deal with mobile homes.
- Why you will want to invest in mobile homes
- Mobile home buying criteria for location, price, size, features
- How to analyze the deal:
- Start with market rent to determine what the mobile would rent for
- Work the price backwards using 9% interest, 20 years amortization and amount you can get for down payment from a buyer
- Example: Market rent = $600 then you should be able to sell for $66,0000 (plus the $5k down-payment) and your buyers monthly payment will be $583.92
- If you want your investment capital back then plan to sell the note with a 12 - 15% yield meaning you would sell your $59,900 note for approx $45k
- If your goal is to net a $20k Profit on your deal then you know you can pay $30k for the mobile home by selling the note for $45,000 and getting a $5,000 down payment from your buyer
- Sell using a land contract rather then a deed so it is easier to take the mobile back in case of default using a notice of cancellation
- How to find your mobile home deals
- Questions from "Success Subscribers"
- How did you first start out as an Entrepreneur?
- How can we start to invest outside the area we live in?
- What is a book that had an impact on you?
- Who was an early mentor that helped you on your path to success?
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